According to foreign media reports, Jean Paul luksic, chairman of Antofagasta PLC in Chile, said on Sunday that although copper has a broad market prospect, the Sino US trade war has depressed copper prices. If there is no trade dispute, the price of copper will rise by 5% - 15%, reaching US $3.20 - 3.50 per pound.
China is the world's largest copper consumer, digesting about half of the world's copper. Therefore, every move of China in copper trade will affect the trend of the market.
Antofagasta PLC has been optimistic about copper prices this year due to tight supply and strong demand.
Antofagasta PLC expects the global copper gap to reach 100000-300000 tons this year. Ivan arriagada, chief executive of the company, also said that with the promotion of China's economic stimulus plan and the tightening of the global copper terminal, there may be a shortage of copper supply next year, and the copper price may 'gradually rise' in the next two years.
However, due to the impact of the Sino US trade war, the copper price has dropped for the fourth consecutive week, and now it is about $3 per pound.
Luksic also said that as long as there is uncertainty in Sino US trade, copper prices will continue to be under pressure.